The Mag 7 have been all the rage since the beginning of 2023 as investors piled into “safe” bets with the best fundamentals as interest rates stayed high and growth names fell behind. Now after a huge run for all of these stocks (aside from Tesla and Apple being a bit lackluster YTD), what’s to come next for these names? Will there be inevitable profit taking, or will the Mag 7 stocks make one more leg up?
AAPL
YTD performance: +2.28%
52-week high: $199.62
52-week low: $163.85
Market Cap: $2.91T
Short Interest: .62%
Apple has been pretty disappointing this year only up about 2% YTD. And despite the fact every person I know has an iPhone, you’d think it’d be up way higher. However in the last 2 weeks or so the stock has finally broke above its 50DMA; on May 3rd it gapped up well above its 200DMA. So for bulls, this is right where they want to be as far as a reversal confirmation goes. It has shown support above / around the 10DMA for most of 2024 but has failed to go above its 50DMA. There is a potential for a golden cross forming if the 50DMA can get to $180. If that happens I am super bullish for this going back to $190s and new ATH. If it falls back below the 200DMA $180, I would be leaning bearish to head back to $173.
MSFT
YTD performance: +13.30%
52-week high: $430.82
52-week low: $304.54
Market Cap: $3.12T
Short Interest: .67%
Microsoft has been nothing short of impressive with their adjusted earnings increasing to 26% over the year-ago quarter with their Azure cloud and of course Office 365. The chart had a minor dip that did not last long and is now on its way back to the previous high $430.04. There is about to be a 10DMA crossover to the 50DMA which has me bullish if it can hold $414-415ish. The next resistance is about $422-423, so if it can pass and hold that level fresh highs could be in store. There’s also somewhat of a double bottom off $380 that could be seen as a shorter-term breakout pattern as well.
GOOG
YTD performance: +27.03%
52-week high: $177.50
52-week low: $115.83
Market Cap: $2.19T
Short Interest: .49%
I remember a lot of FUD about Google when it was trading in the early 100s range, which is funny how the media can do that to us, make us doubt one of the greatest companies in the world just because the stock is down a bit. But with their undeniable innovation in AI, in hindsight it was a no-brainer to load the dip on this great company. Now sitting at ATH just above the 10DMA, a trader might look at this chart and be looking for a pullback down to the 50DMA. I could see it breaking new highs and then retreating back to $172 where I would look for a close under there to be bearish. If it holds above support / the 10DMA around $175-173, I’m bullish to make $182-183 new ATH and then dip back down.
AMZN
YTD performance: +23.19%
52-week high: $191.70
52-week low: $109.25
Market Cap: $1.92T
Short Interest: .70%
Amazon has one of the cleanest looking bullish YTD charts out of all the Mag 7 (most similar to MSFT’s chart); that dip to $160s in April was a gift as it recovered all losses in just 2 weeks time. The 10DMA crossed over the 50DMA on 5/2 however it did fall below the 10DMA the last few sessions; if it goes below $181.25 I’d be looking for a bounce around $175. If it can close above $187 the next week and pass the previous resistance $188-190, $200 is not out of the question and would be a new ATH for the stock.
NVDA
YTD performance: +91.99%
52-week high: $974
52-week low: $281.43
Market Cap: $2.27T
Short Interest: 1.13%
If you would have told me NVIDIA was going to run from $300s to $974, well, let’s just say I would probably be taking way more summer vacations this year. However, I was lucky enough to have a decent trade on it at the end of 2023 when my options went 1000% (sometimes I’m good!). And all in all, the stock has been unbelievable; traders whale watching are never short of being impressed by the big money in this stock, and it’s one of my favorites ever to trade. Despite its minor correction from ATH down to $750s back in April, NVIDIA bulls wasted no time eating that up retracing back to the $900s in less than one month. Now the stock seemed to bounce off the 10DMA the last 7 or so trading sessions; if it can surpass the $958 resistance and make that support, fresh ATHs could be coming sooner than we think. Earnings are coming up this week on 5/22, so prepare for a major move either way. I am going to have to bet that we will see the stock hit $1000s by the end of 2024 (maybe not this *week*, but eventually maybe by June).
META
YTD performance: +36.28%
52-week high: $531.49
52-week low: $235.08
Market Cap: $1.20T
Short Interest: 1.30%
Looking at the META chart two things stand out to me: that giant green volume bar when it gapped up on 2/2, and the giant green volume bar when it gapped up on 4/25. The stock also stayed above its 10DMA for the most of 2024 albeit a dozen times where it fell a bit below and quickly recovered. Now everyone is wondering: can Zuck take us back to the $500s and beyond? If it can close above $471 and pass $486, I am very bullish and could see back above $500 again, but if it falls back to the previous support around $460, I’m bearish to a correction somewhere close to the 200DMA or the next daily chart support $447-450. However I am leaning on the bullish side (also: have you SEEN Zuck’s drip lately? It would be against your own best interest to fade this man).
TSLA
YTD performance: -28.56%
52-week high: $299.29
52-week low: $138.80
Market Cap: $565.95B
Short Interest: 3.88%
Tesla stock is one of my favorites to watch; if you remember the multiple Christmastime / EOY run-ups, you’d remember some MASSIVE moves in just a couple weeks time. However in 2024 I gotta say I’ve been super bummed with the price action; Wall Street does not like the decreasing margins of the EV manufacturer (and maybe also the lawsuits), and the chart has been in a downtrend YTD. But not all hope is lost: back in the end of April there was some bullish volume a few days after it bottomed at $138.80. Now it is finally back above the 50-day MA since 4/29 (which it hasn’t gone above before that in 2024) which has me thinking a reversal could be underway. Watch for the 50DMA $170.81 to inch closer to $215 aka the 200DMA in the next month and the stock to stay above $170. The next resistance levels are roughly $180-185, so anything above there in my opinion is very bullish back to the $200s (and anything below $170 bearish).